Cairn -Vedanta deal deadline February 20

Posted By: Religare
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Cairn - Vedanta deal which is pending with the government for approval is expected to be finalized by February 20 deadline set by the management of Cairn Energy. The deal is heading to the Cabinet Committee on Economic Affairs (CCEA).

The issues leading to the delay of deal are - ONGC's claim to recover royalty payment costs from the Rajasthan oilfield and accepting the government's position on the ongoing litigations over cess and related issues in other oil and gas fields of Cairn India.

Commenting on the issues related to the deal, a senior petroleum ministry official said that, "The issue is no more restricted to just the petroleum ministry, we are consulting the law ministry as also the Ministry of Corporate Affairs on this and the decision will not favor any one party and may be a compromise formula."

Story first published: Thursday, February 17, 2011, 12:45 [IST]
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